Economically, that makes a degree of sense. It is devilishly hard to balance containing and cleaning up one financial crisis and preventing the next one. A lot of rules that make eminent sense in preventing future liquidity and solvency catastrophes arguably might run counter to efforts to get the economy back on track. The rub lies in when to switch from containment to prevention.

Politically, the delay is problematic. I would bet big money (I am sorry, I meant "hedge") that by 2019 the story from large banks (and possibly from Basel) will have changed considerably. "Things are fine, why do we need these rules anyway? Relax, have some more spaetzle."

Economically, that makes a degree of sense. It is devilishly hard to balance containing and cleaning up one financial crisis and preventing the next one. A lot of rules that make eminent sense in preventing future liquidity and solvency catastrophes arguably might run counter to efforts to get the economy back on track. The rub lies in when to switch from containment to prevention.

Politically, the delay is problematic. I would bet big money (I am sorry, I meant "hedge") that by 2019 the story from large banks (and possibly from Basel) will have changed considerably. "Things are fine, why do we need these rules anyway? Relax, have some more spaetzle."